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Officials have said the bank will operate in keeping with Islamic laws, which means no interest would be paid or charged on deposits and loans.
Kamal said the bank's emergence could be a "vital turning point" for a sector whose growth has been hamstrung because 73 percent of some 285 Islamic banks and financial institutions are undercapitalized at below $25 million.
The Bahrain-based Albaraka Banking Group will take a 10 percent stake in the $1 billion bank to be known as the Emaar International Group, said Saleh A. Kamal, chairman of the General Council for Islamic Banks and Financial Institutions, which proposed the project
Originally posted by esdad71
Will Bank of America merge with Bank of Islam???